Russia and US working together to shut down stock hacker

The ongoing case against hackers using stolen share trading accounts to manipulate stocks is seeing good cooperation between Russian business and the US government's Securities and Exchange Commission (SEC).

The case against Russian firm Broco now looks to be developing into a search for a client who used the company's share dealing system to illegally manipulate stock prices on the New York stock exchange.

“The equivocal account belongs to our client”, says head of Broco legal department Dmitry Zelenko.

“This client has been conducting his trading on his own and Broco have just provided him with technical facilities and brokerage services in cooperation with licensed Genesis Securities. This account was identified as belonging to Broco by a mistake”.

The company is now working with the SEC to find the perpetrators and hunt them down.

“Our further steps are to initiate criminal proceedings of swindlers within Russian Federation, to recover damages from the swindlers and to protect the company's reputation in the court of New York”, says Valery Maltsev, the president of Broco.

The SEC told V3.co.uk that it was happy that Broco was working to sort out the problem, while not wishing to comment on current legal action.

“Broco has been fully cooperative and we both look forward to a speedy resolution,” said Justin Chretien, assistant chief litigation counsel for the SEC.

“We're happy to have such cooperation.”